Well, today was finally the day to take the plunge. Performance of my laptop was WAY down, and it was time to start fresh.
It actually didn't turn out to too bad. I had two things going for me: First, we have ghost images for our laptops, and that got me quite a base - Windows XP SP2, Office 2003 all patched up, Visual Studio .NET 2003, SQL Server, etc. That was loaded in 20 minutes.
Second, I don't use my base box for most of my development - I've switched to using VPC. So, there wasn't much else I needed to get back up and running. I have two clients I'm working on and one uses BizTalk and the other is using CMS. Had I had to reload to get back in shape for them, it would have been much more difficult, but all I had to do was install Virtual PC, and I was ready to start developing again. I was back up and running in an hour! Nice.